India’s 2W Sales and Exports Performance in December 2024: A Mixed Outlook for OEMs
The two-wheeler (2W) market in India saw a mixed performance in December 2024, as sales numbers declined in the domestic market. This slowdown is attributed to fewer buyers, with many potential customers waiting for the new calendar year. However, on a positive note, the export figures for most Original Equipment Manufacturers (OEMs) showed strong growth, both year-on-year (YoY) and month-on-month (MoM).
Domestic Sales: A Decline Across the Board
In the domestic market, the top six two-wheeler manufacturers in India saw a drop in sales during December 2024. Combined, these brands sold 1,055,206 units, which is lower than the 1,163,617 units sold in December 2023 and 1,532,048 units sold in November 2024. This resulted in a 9.32% YoY decline and a 31.12% MoM drop, losing 108,411 units YoY and 476,842 units MoM.
Hero MotoCorp Leads Despite Decline
Hero MotoCorp continued to hold the top spot with 294,152 units sold domestically. However, it experienced a significant decline of 22.15% YoY and 33.11% MoM. Hero accounted for 27.88% of the total sales from these top six brands. Honda followed closely with 270,919 units sold, facing a 5.31% YoY decline and a sharp 37.42% MoM drop.
TVS secured third place with 215,075 units sold, showing minimal growth of 0.04% YoY but a 29.53% MoM decline. Bajaj, with 128,335 units sold, saw a more considerable dip of 18.97% YoY and 36.97% MoM. Interestingly, Suzuki was the only brand that recorded growth, selling 78,834 units in the domestic market, reflecting a 14.21% YoY and 0.64% MoM increase.
Royal Enfield’s Performance
Royal Enfield continued its positive trend with 67,891 units sold. The brand registered the highest YoY growth of 18.50%, gaining 10,600 units compared to the previous year. However, MoM sales for Royal Enfield dipped by 6.02%.
Exports: A Stronger Performance
Exports for these manufacturers showed much more promising results. Collectively, the six OEMs shipped 338,048 units, marking a 28.34% YoY and a 0.14% MoM growth, gaining 74,655 units YoY and 486 units MoM.
Bajaj Tops Exports
Bajaj led the export segment with 143,838 units shipped, experiencing a 15.41% YoY growth but a 12.54% MoM decline. Bajaj contributed to 42.55% of the total exports from these six brands. TVS followed in second place with 96,927 units shipped, reporting a strong 29.11% YoY and 11.22% MoM growth.
Hero MotoCorp Expands Global Presence
Hero MotoCorp significantly boosted its global footprint with 30,574 units exported, reflecting an impressive 89.78% YoY and 52.66% MoM growth. Honda’s exports saw 37,164 units shipped, with a 19.8% YoY growth but a 6.77% MoM decline. Suzuki and Royal Enfield also posted positive export figures.
Total Sales (Domestic + Exports): Decline in December 2024
Combining domestic sales and exports, these six OEMs sold a total of 1,393,254 units in December 2024. Compared to 1,427,010 units sold in December 2023 and 1,869,610 units in November 2024, the total sales saw a decline of 2.37% YoY and 25.48% MoM.
Hero Continues to Lead Total Sales
Hero MotoCorp again led the overall sales with 324,726 units sold, accounting for 23.31% of the total. However, it experienced a 17.57% YoY and 29.38% MoM decline. TVS followed closely with 311,002 units, seeing a 7.56% YoY growth but a 20.48% MoM drop. Honda, with a total of 308,083 units, saw a 2.85% YoY decline and a 34.83% MoM drop.
Other OEMs in the Mix
Bajaj ranked fourth with 272,173 units sold, reflecting a 3.83% YoY and 26.06% MoM decline. Suzuki was one of the few brands to show positive growth, registering a 21.79% YoY increase with 96,804 units sold. Royal Enfield also recorded a strong performance, with 79,466 units sold and a 25.37% YoY increase, despite a slight 3.39% MoM decline.
Conclusion: A Mixed Bag for India’s 2W Market in December 2024
December 2024 saw mixed results for India’s two-wheeler manufacturers, with domestic sales declining, but export performance remained positive for most brands. While domestic sales faced a slowdown, OEMs like Hero, TVS, and Suzuki showed notable export growth. Despite the overall decline in total sales, the export segment continues to be a significant growth driver for India’s two-wheeler industry.